Market Report: About Unchanged

Corn did not trade far from unchanged but managed to close about 2 cents higher. The EIA report showed ethanol production last week increased by 3,000 barrels per day while stocks were unchanged. This means good demand for corn to go to ethanol plants. Corn did slip under the 21-day moving average this morning, but managed to close above back above it. It was a moral victory that corn did not give back all or most of Tuesday's big gains.

Beans closed about unchanged to down 5 cents. It was a disappointing close as beans were higher this morning. Informa updated production estimates from South America by 2.5 MMT. Beans traded higher than yesterday and than closed lower today. Technically that is a hook reversal, and not in the right direction. The Dollar Index was lower but that did not seem to help. It was really disappointing that beans could not close higher two days in a row.